Masress : Egypt's market rises 3.8% amid high turnover

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Egypt's market rises 3.8% amid high turnover
Stocks rebound following turbulent week caused by oil price falls

Ahram Online Published in Ahram Online on 21 - 12 - 2014

Egypt's market continued to rebound on Sunday following two weeks of losses triggered by a fall in oil prices.
Benchmark index, EGX30, increased 3.8 percent to 8,719 points at 11.55 am and daily stock turnover reached LE826.3 million.
The market began to bounce back last session as regional and Gulf markets stabilised following a turbulent week on the back of a decision by OPEC not to cut production, despite increasing supply and falling demand, leading oil prices to drop.
EGX30 had fallen more than 1,400 points in two weeks after recording 9,577 points on 8 December.
Egyptian investors were net sellers to the tune of LE4.6 million while non-Arab foreign investors, who represented almost 70 percent of all trades, were net buyers to the tune of LE2.8 million.
Cables company ELSWEDY electric, and real estate developer Palm Hills were the biggest gainers in the session surging 9.1 percent to LE43.5 per share and 8 percent to LE3.85 per share.
Market bellwether, Commercial International Bank (CIB), increased 3.2 percent to LE47.5 per share and Egypt's leading investment bank, EFG-Hermes was up 4.48 percent to LE16.33 per share at 11.55 a.m.
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